Tax credits to promite home ownership in distressed areas.

Chafee co-sponsored the Community Development Homeownership Tax Credit Act

Amends the Internal Revenue Code to permit a community homeownership tax credit based upon an applicable percentage of each qualified residence's eligible basis. Makes such credit available to residences (including factory built homes) located:

in a census tract with a median gross income not exceeding 80 percent of the greater area or statewide median gross income;

in a rural area;

on an Indian reservation; or

in an area of chronic economic distress.

Prohibits a buyer's income from exceeding 80 percent (70 percent for families of less than three) of the area gross median income and requires owner occupancy.

Fully fund AmeriCorps.

Chafee signed a letter from 43 Senators to the President

To: President George W. Bush

Dear President Bush:

We write to express our strong support for AmeriCorps and recognize the leadership you have shown on this issue over the years. We know you agree that AmeriCorps is an outstanding program which has proven successful in addressing our homeland security needs, leveraging volunteers, and improving the quality of services available to a broad range of Americans.

Unfortunately, as you know, the Corporation for National Service officially announced yesterday unprecedented and drastic funding cuts, from 50 to 95 percent in every state. These cuts mean that under the State Competitive funding stream the Corporation will only fund 2,036 volunteers, compared with 11,236 last year. Many states will see their volunteer allocations under the competitive stream drop by as much as 90 percent and 16 states are shut out completely.

In your 2002 State of the Union address, you called for every American to dedicate 4,000 hours to community service throughout their lives. In your 2004 budget request, you proposed increasing the number of AmeriCorps volunteers from 50,000 to 75,000. Unfortunately, due to serious errors made by the Corporation, fewer than half this number of Americans will be allowed to serve their country through service.

We should support, not oppose, efforts to encourage more Americans to enter public service. We should do everything in our power to reward the American men and women who have chosen to serve the country and their communities in the hope of meeting the nation's critical education, safety, health, and homeland security needs.

We urge you to request additional funding in the supplemental appropriations bill to ensure that AmeriCorps remains a strong and vital program today and in the future.

Source: Letter from 43 Senators to the President 03-SEN5 on Jun 17, 2003